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Bitcoin Testing a Downtrend Channel
For the fifth day out of the last six, Bitcoin has breached the upper boundary of its bearish range and tested the 50-day moving average near $27K.
As Bitcoin tests Major Resistance Levels, Bullish Energy is Growing
The market value of cryptocurrencies increased by 0.8% to $1.073 trillion, which is nearly the same as ten days before. Ethereum gained just 0.4% to $1730 while Bitcoin climbed 1.6% to $28.8K, making up the majority of the surge. Solana (+3.5%) stands out among the top altcoins, with others ranging from -1.2% (XRP) to +1.6% (Polygon).
For the fifth day in a row, Bitcoin has crossed the top of its negative range and tested the $27K area of the 50-day moving average. Even if the price has now crossed the upper boundary of the channel, a downtrend cannot be said to have ended until a closing is made above $27.2K, the previous local high. There is a potential downside of more than 10% and a dip to the 200-day moving average if the market reverses from current levels.Investing in cryptocurrency funds decreased by a pitiful $5 million last week, according to CoinShares, but net outflows persisted for the ninth week in a row.
According to Glassnode, which noticed a spike in activity from addresses owning between 0.1 and 1 BTC, retail traders assisted in pushing Bitcoin past $26K.
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